Yeomans Consulting Group Inc. Takes $407,000 Position in Targa Resources Corp. (NYSE:TRGP)

Yeomans Consulting Group Inc. acquired a new stake in Targa Resources Corp. (NYSE:TRGP) in the 3rd quarter, Holdings Channel reports. The firm acquired 2,749 shares of the pipeline company’s stock, valued at approximately $407,000.

A number of other large investors have also recently made changes to their positions in TRGP. Vanguard Group Inc. lifted its position in shares of Targa Resources by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock worth $3,025,521,000 after purchasing an additional 201,817 shares during the last quarter. Blackstone Inc. lifted its holdings in Targa Resources by 2.7% during the 1st quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock worth $1,085,794,000 after buying an additional 252,729 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Targa Resources by 13.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after acquiring an additional 271,444 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Targa Resources by 26.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock valued at $194,720,000 after acquiring an additional 360,675 shares during the last quarter. Finally, Truist Financial Corp raised its position in shares of Targa Resources by 5.9% during the 2nd quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock worth $108,010,000 after acquiring an additional 46,864 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on TRGP. JPMorgan Chase & Co. increased their price target on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. Bank of America started coverage on shares of Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 price target on the stock. Scotiabank upped their price objective on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. Royal Bank of Canada lifted their target price on Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Wells Fargo & Company upped their target price on Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $152.79.

Insiders Place Their Bets

In related news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the sale, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares in the company, valued at $17,181,399.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Julie H. Boushka sold 1,213 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the sale, the chief accounting officer now directly owns 52,257 shares in the company, valued at approximately $6,898,969.14. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 175,534 shares of company stock worth $26,815,021. Company insiders own 1.44% of the company’s stock.

Targa Resources Stock Performance

Shares of Targa Resources stock traded down $2.63 during trading hours on Monday, hitting $163.33. 413,247 shares of the company were exchanged, compared to its average volume of 1,646,258. The business has a 50-day moving average of $152.97 and a 200-day moving average of $134.18. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $169.92. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The stock has a market capitalization of $35.78 billion, a price-to-earnings ratio of 34.94, a P/E/G ratio of 1.29 and a beta of 2.25.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The company had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $4.33 billion. During the same quarter last year, the business earned $1.44 EPS. As a group, analysts expect that Targa Resources Corp. will post 5.92 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date is Thursday, October 31st. Targa Resources’s dividend payout ratio is presently 63.16%.

Targa Resources Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.